JPMorgan Chase & Co. (JPM) is shaking up the retail investment world with its new app, which offers free transactions.
You Invest, a new digital investing service, will begin next week and will offer access to the bank’s stock analysis as well as a portfolio-building tool. According to CNBC, anyone who download the banking app or utilize the website will get up to 100 free trades in the first year.
Morgan has been working on the technology for two years. It’s the latest move to compete on price among brokerages, which are now vying against new comers like Robinhood, a free-trading app. Robinhood has drawn 5 million users since its launch a few years ago. (See also: Robinhood vs TD Ameritrade.)
JPM shares were up 1.24%in early market trade on Tuesday.
JPMorgan’s investing services have an established reputations with Americans. In fact, the bank has financial connections with more than half of Americans. So, more than 47 million current users of its products will have access to You Invest when it launches.
“There are clients out there who may not want to trust their credentials or their money to an app of the month,” said Jed Laskowitz, the founder of You Invest and a JPMorgan veteran. “We’re thinking about what’s best for our consumers, how we can assist them become involved, remain invested, and diversify.”
JPMorgan is targeting millennials who have never invested and existing clients who are investing elsewhere, according to Kelli Keough, head of digital wealth management.
“There’s a misconception among novice investors that trading is pricey,” Keough added. “We wanted to reduce the barriers. We intended to assist individuals in investing without regard to cost, as well as reward those who conduct more business with us.”
Discount brokerage shares were down in early trading Tuesday. The shares of TD Ameritrade Corp. (AMTD) was down 5%, E*Trade Financial Corp. (ETFC) was down 3.7%, and Charles Schwab Corp. (SCHW) was down 3.36%.
You are looking for information, articles, knowledge about the topic JPMorgan Is Launching New Brokerage App With Free Trades on internet, you do not find the information you need! Here are the best content compiled and compiled by the achindutemple.org team, along with other related topics such as: Business.